Wall Street climbs ahead of jobs report, ASX set for gains

Wall Street is looking for the job market to cool enough to remove upward pressure on inflation, but not so much that it throws too many people out of work and causes a recession.

That’s raised the anticipation for a report coming Friday, where the US government will show how much hiring happened across the country last month. Economists expect it to show a cooldown in March from February.

“As always, the monthly jobs report will have the final say,” said Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley.

Treasury yields were holding relatively steady in the bond market and gave up earlier gains following the release of the jobless claims report.

The yield on the 10-year Treasury held steady at 4.35 per cent from late Wednesday. The two-year yield, which moves more on expectations for the Fed, ticked up to 4.69 per cent from 4.67 per cent late Wednesday.

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Stronger-than-expected reports on the economy earlier this week, including a surprise return to growth for manufacturing, had sent Treasury yields spurting higher.

In stock markets abroad, indexes were modestly higher in Europe and much of Asia.

Analysts say Taiwan Semiconductor Manufacturing Co’s facilities may get quicker-than-expected relief — easing concerns about production halts — after a powerful earthquake struck Wednesday. Trading was closed in Taiwan, as well as in China, for a national holiday.

AP